Gazprom Neft said on July 3 that the Russian company has acquired a 25.02% stake (with the right to increase this to 50%) in Evrotek-Yugra, which is owned by Spain’s Repsol.

Evrotek-Yugra holds exploration and production rights to seven license blocks in the Khanty-Mansiysk Autonomous Okrug.

Gazprom Neft CEO and Chairman Alexander Dyukov said creating this joint venture with Repsol gives Gazprom Neft the opportunity to start work on a promising development cluster in the south—west of the Khanty-Mansiysk Autonomous Okrug, the Russian company’s key region of operation.

“Alongside strategically expanding our resource base, we also have the opportunity to share our geological prospecting skills and know-how with one of the largest oil companies in Europe. Our combined geological exploration expertise will ensure the planned works will be executed with the maximum efficiency,” Dyukov said.

According to a press release by Gazprom Neft, this joint enterprise will continue geological prospecting works in the Kondinsky district (located in the south—west of the Khanty-Mansiysk Autonomous Okrug), where all of the acquired license blocks are located.

Gazprom Neft, a subsidiary of Russian gas monopoly Gazprom, and Repsol will be jointly managing Evrotek-Yugra, on a parity basis.

Seismic investigations have been undertaken at all license blocks belonging to Evrotek-Yugra, with nine exploration wells drilled between 2013 and 2016, Gazprom Neft said, adding that the Ouryinskoye field — with recoverable (C1+C2) reserves of 33.8 million tonnes of oil — was discovered at the Karabashsky 1 and Karabashsky 2 fields in 2013.

A final decision on investment in the development of the Ouryinskoye field will be taken at the end of 2019, following completion of the geological prospecting programme.

Evrotek-Yugra holds exploration and production licenses for the Karabashsky 1 and Karabashsky 2 blocks, as well as licenses for geological prospecting at the Karabashsky 3, Karabashsky 9, Karabashsky 78, Karabashsky 79 and Kileysky blocks.

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